Mirvac’s new CEO points to upbeat future

Mirvac
’s new chief executive Susan Lloyd-Hurwitz roused exhausted investors at yesterday’s annual general meeting as she painted a resolutely upbeat outlook for the company amid global economic uncertainty.

Shareholders had endured a two and half hour meeting by the time Ms Lloyd-Hurwitz rose to deliver her maiden speech, which was greeted by enthusiastic applause.

She claimed Australia’s burgeoning pension industry along with its stable financial system ensured the country occupies a unique place “in this highly volatile investment world" and she argued Mirvac is also in a “unique position" as its portfolio and development pipeline is luring investment from pension and sovereign wealth funds.

“Property specialists, such as Mirvac, who cannot only own and manage real estate to world-class standards, but also have the capabilities to create those assets, are particularly attractive partners for these investors," she said. “This is where Mirvac has a unique position."

She added the company’s “focus on securing future earnings with pre-sales has resulted in Mirvac holding exchanged contracts of approximately $880 million in value at the end of the first quarter."

The trust has tenancy commitments for 42 per cent of the space at its prominent 8 Chifley Square development in the Sydney CBD. Ms Lloyd Hurwitz said demolition works on the trust’s other major project in the city at 190-200 George Street, which Ernst and Young are expected to occupy, will being early next year with “earnings [from the building] to be recognised" in 2016.

Ms Lloyd-Hurwitz refused to be drawn into the debate over Nick Collishaw’s exit, insisting she is “focused on returns for share holders".

She said “the rest of the stuff is irrelevant to me, it’s all about doing the job and motivating the team. Those are the things that I focus on."